Munich Re invests in insurtech Capitola to transform commercial insurance distribution
Munich Re’s venture capital arm has invested in a digital marketplace that utilises AI-based risk appetite matching to simplify and streamline the commercial insurance placement process for both brokers and carriers.
Capitola, a smart placement and market intelligence platform, has raised $15.6 million in its Series A funding round led by Munich Re Ventures.
The proceeds will be used to grow Capitola’s platform with an emphasis on its market intelligence capabilities and to accelerate sales in the US. The round adds to a $5 million Series Seed round raised in 2021 that was led by Lightspeed Venture Partners, who also participated in this round.
Capitola’s platform organises and manages complex, hard to place and multi-layered programmes with intuitive tools, saving time and eliminating errors with simplified and streamlined placements.
“The US specialty risk market has grown exponentially over the last few decades and would benefit from a digital marketplace that streamlines processes and expands the option for insurance placement,” said Oshri Kaplan, managing director at Munich Re Ventures. “We are excited by Capitola’s approach to this opportunity and are thrilled to support their journey.”
Yoni Cheifetz, partner at Lightspeed, added: “As active investors in the Insurtech space, we were immediately excited by Capitola’s vision to revolutionise the commercial insurance distribution network. We truly believe their strong team can realise this ambitious vision.”
Sivan Iram, Capitola’s co-founder and CEO, said: “The insurance industry has seen many technological advancements over the years, but very little attention has been given to the insurance professionals and the tools they use. Capitola’s mission is to help insurance professionals deliver exceptional client service and coverage. Our platform brings together brokers and underwriters, removing many of the operational inefficiencies around manual processes and repetitive tasks to allow them to focus on what they do best. We’re thrilled to have the support of Munich Re Ventures, Lightspeed, and our other investors as we continue to grow our team, develop innovative solutions and expand our impact on the insurance industry.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
